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First Gen Corporation (First Gen) is the leading clean and renewable energy company in the Philippines with an installed capacity of 2,833 megawatts (MW). It accounts for approximately 18.2 percent of total installed capacity in the country today. First Gen was incorporated in December 1998 to become the primary holding company for the power generation and energy-related businesses of the Lopez Group. First Philippine Holdings Corporation (FPHC), parent and controlling shareholder of First Gen, became involved in the power generation industry in 1993 through its first major investment in power generation, Bauang Private Power Corporation (BPPC). On July 26, 2010, BPPC turned over its 225-MW diesel bunker power plant to the National Power Corporation / Power Sector Assets and Liabilities Management Corporation following the expiration of the 15-year Cooperation Period covering the project. The Bauang power plant was constructed pursuant to a Build - Operate - Transfer (BOT) Agreement executed by and among Napocor, BPPC and First Private Power Corporation (FPPC) in 1993. Located in Bauang, La Union, the plant is considered to be the largest bunker diesel power plant in the world, with a 235-MW (21 engines) installed capacity in a single location. BPPC is owned by FPPC (93 percent) and Philamlife (7 percent) (now Chartis Philippines Insurance, Inc.). FPPC is in turn owned by First Gen Corporation (40 percent), Meralco (40 percent), and JG Summit Holdings, Inc. First Gen's assets comprise the 1000-MW Santa Rita and 500-MW San Lorenzo natural gas-fired power plants, the 132-MW Pantabangan-Masiway Hydroelectric Complex, and the 1.6-MW Agusan mini-hydro power plant. In November 2007, First Gen acquired a 60 percent controlling stake in Philippine National Oil Company - Energy Development Corporation (PNOC-EDC), now known as Energy Development Corporation (EDC). In September 2009, First Gen affiliate EDC, through its indirect wholly owned subsidiary Green Core Geothermal Inc., won the PSALM bidding for the 192.5-MW Palinpinon and 112.5-MW Tongonan geothermal power plants for US$ 220 million. On October 23, 2009, Green Core formally acquired these two plants. Green Core paid US$ 88 million or 40 percent of the purchase price, upon turnover of the plants. The remaining US$ 132 million plus interest was paid on December 15, 2009. On May 5, 2010, EDC subsidiary Bac-Man Geothermal Inc. won the PSALM bidding for the 150-MW Bacon-Manito geothermal power plants in Bicol. First Gen ranked 28th in gross revenues and 34th in net income among BusinessWorld's Top 1000 Corporations in the Philippines (with consolidated financial statements) in 2009. As a world-class energy company, First Gen's Management System was granted an ISO 9001:2000 (Quality Management) certification in 2004.
First Gen Corporation (First Gen) is the leading clean and renewable energy company in the Philippines with an installed capacity of 2,833 megawatts (MW). It accounts for approximately 18.2 percent of total installed capacity in the country today. First Gen was incorporated in December 1998 to become the primary holding company for the power generation and energy-related businesses of the Lopez Group. First Philippine Holdings Corporation (FPHC), parent and controlling shareholder of First Gen, became involved in the power generation industry in 1993 through its first major investment in power generation, Bauang Private Power Corporation (BPPC). On July 26, 2010, BPPC turned over its 225-MW diesel bunker power plant to the National Power Corporation / Power Sector Assets and Liabilities Management Corporation following the expiration of the 15-year Cooperation Period covering the project. The Bauang power plant was constructed pursuant to a Build - Operate - Transfer (BOT) Agreement executed by and among Napocor, BPPC and First Private Power Corporation (FPPC) in 1993. Located in Bauang, La Union, the plant is considered to be the largest bunker diesel power plant in the world, with a 235-MW (21 engines) installed capacity in a single location. BPPC is owned by FPPC (93 percent) and Philamlife (7 percent) (now Chartis Philippines Insurance, Inc.). FPPC is in turn owned by First Gen Corporation (40 percent), Meralco (40 percent), and JG Summit Holdings, Inc. First Gen's assets comprise the 1000-MW Santa Rita and 500-MW San Lorenzo natural gas-fired power plants, the 132-MW Pantabangan-Masiway Hydroelectric Complex, and the 1.6-MW Agusan mini-hydro power plant. In November 2007, First Gen acquired a 60 percent controlling stake in Philippine National Oil Company - Energy Development Corporation (PNOC-EDC), now known as Energy Development Corporation (EDC). In September 2009, First Gen affiliate EDC, through its indirect wholly owned subsidiary Green Core Geothermal Inc., won the PSALM bidding for the 192.5-MW Palinpinon and 112.5-MW Tongonan geothermal power plants for US$ 220 million. On October 23, 2009, Green Core formally acquired these two plants. Green Core paid US$ 88 million or 40 percent of the purchase price, upon turnover of the plants. The remaining US$ 132 million plus interest was paid on December 15, 2009. On May 5, 2010, EDC subsidiary Bac-Man Geothermal Inc. won the PSALM bidding for the 150-MW Bacon-Manito geothermal power plants in Bicol. First Gen ranked 28th in gross revenues and 34th in net income among BusinessWorld's Top 1000 Corporations in the Philippines (with consolidated financial statements) in 2009. As a world-class energy company, First Gen's Management System was granted an ISO 9001:2000 (Quality Management) certification in 2004.
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